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Managerial Econmics

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Q4: Ch 5 (10%)
In terms of the consumer theory set forth in this chapter, can you explain the meaning of the following statements?
a. “I think you get more for your money from Nike than from Reebok.”
b. “I wanted to buy a Boxster rather than a Malibu, but it just wasn’t worth it.”
c. “I’d like to go to Mexico over spring break, but I just can’t afford it,” said Don. Jill asked, “Don’t you have enough money in your account?” Don replied, “Yeah, but I can’t afford to go.”
d. “I’ll have to flip a coin to decide whether to buy chocolate chip or vanilla fudge ice cream.”

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